TODAY:Committee to Hold Hearing with CFPB Director Richard Cordray
ClickHEREto watch the hearing beginning at 1:00 p.m. EDT
Opening Statement of Chairman Sam Graves (R-MO)
Today marks the Committee’s first official look at the work of the CFPB, specifically as that work affects small businesses. The CFPB is drafting a number of regulations that will impose new requirements and compliance costs on broad segments of the United States economy. One of those regulations seeks to bring simplicity and transparency to real estate transactions. For many years, consumers, industry, and regulators have recognized that the mortgage disclosure forms required by the Truth In Lending Act and the Real Estate Settlement Procedures Act overlap and are a source of confusion. The proposed rule, which is required by the Dodd-Frank Act, will integrate those disclosure forms. Integrating and simplifying the disclosures is a laudable goal, but these changes are going to affect small businesses.
READ MORE.... Witness Testimony and Additional Background
ClickHEREto view witness testimony and other hearing materials on the Small Business Committee website.